contract
Deployed to Robinhood Chain mainnet (4663). Reserve, YieldRouter and five Groves, all 18 contracts verified on Sourcify with an exact bytecode match.
Novel yield reserve manager/Robinhood Chain/chain 4663
Real-world value
grows onchain.
Tokenized equities sit in a reserve doing nothing. PINEAP puts that reserve to work — dividends, securities lending, cash float, market-making — and pays out what it actually earned, every 8 hours.
Groves live
0
Senior coupon
4.40–6.00%
PINEAP supply
0.00B
Next harvest in
07:36:59
Read live from chain 4663 · reserve 0.0000 WETH · deposits open, nothing harvested yet
Where the yield comes from
Four legs. Only one of them
needs a dividend.
A share held in custody is not idle collateral — it is inventory. The Reserve Manager books each leg separately, so once harvests begin you can see which one is carrying the coupon. The split below is the target mix the manager works toward, not a measured month.
Per ex-dateleg 1 of 4
Dividend flow
Cash dividends paid by the underlying equities held in custody, wrapped as an onchain distribution the epoch after the ex-date.
The waterfall
One dollar, four claims, in this order.
Every harvest runs the same waterfall in the same sequence. Senior first, buffer second, junior takes the residual. The protocol's own cut is last and fixed — it cannot be raised without a seven-day timelock.
Canopy (senior)
62%Paid first, up to the contracted coupon. Never subordinated.
Buffer top-up
9%Refills the loss buffer until coverage ≥ 1.05×, then stops.
Roots (junior)
24%Residual claim. Takes first loss, takes the upside.
Protocol
5%Fixed. Cannot be raised without a 7-day timelock.
The whole thing in 17 seconds
Watch a harvest.
How the reserve is meant to work, start to finish: the four revenue legs, the waterfall, and where a harvested unit ends up.
reserve-film · 1920×1080 · remotion00:17
Groves
One sleeve per asset.
Two ends of the risk curve.
grMSFT
Microsoft · not opened
Opens once protocol-owned Roots can seed it, so the first depositor is never the first loss.
AAPL4.80%NVDA5.60%TSLA6.00%SPY4.40%QQQ4.65%AAPL4.80%NVDA5.60%TSLA6.00%SPY4.40%QQQ4.65%AAPL4.80%NVDA5.60%TSLA6.00%SPY4.40%QQQ4.65%AAPL4.80%NVDA5.60%TSLA6.00%SPY4.40%QQQ4.65%AAPL4.80%NVDA5.60%TSLA6.00%SPY4.40%QQQ4.65%AAPL4.80%NVDA5.60%TSLA6.00%SPY4.40%QQQ4.65%AAPL4.80%NVDA5.60%TSLA6.00%SPY4.40%QQQ4.65%AAPL4.80%NVDA5.60%TSLA6.00%SPY4.40%QQQ4.65%
Change log
Nothing ships
quietly.
Parameter changes, contract upgrades and reserve decisions land here the day they happen — including the ones that did not go to plan.
reserve
Reserve asset set to the canonical L2 WETH published by Robinhood. It is immutable: changing it would mean redeploying the reserve.
grove
Five Groves opened with senior coupons from 4.40% to 6.05% a year. All are at epoch 0 with an empty reserve — deposits are open, nothing has been harvested yet.
contract
PINEAP minted: 1,000,000,000 fixed supply, no mint function, no owner, no upgrade path. The constructor was the only privileged call that ever existed.
Straight answers
The five things people actually ask.
What does the Reserve Manager actually manage?
The collateral sitting behind tokenized equities. Every grToken is backed 1:1 by a share held in custody plus a cash sleeve. The Manager decides how much of that reserve is lent, quoted, or parked — and it publishes the split every 8 hours.
Where does yield come from if a stock pays no dividend?
Three of the four legs do not need a dividend. Securities lending, cash-leg float and market-making fees are all inventory income. NVDA's coupon is mostly borrow demand; SPY's is mostly float.
What is the difference between Canopy and Roots?
Canopy is the senior tranche: it is paid first, up to a contracted coupon, and it is never subordinated. Roots is the residual claim: it absorbs the first loss and keeps whatever is left after the waterfall. Same reserve, opposite ends of the risk curve.
What happens in a drawdown?
Losses hit the buffer, then Roots, then — only if both are exhausted — Canopy. Coverage is the live measure of how far you are from that. Under 1.01× the Grove enters stress: new Canopy issuance halts, Roots stays open, and 100% of harvest rebuilds the buffer.
Is this custodial?
The equities are. The claim on them is not. Custody is a regulated broker-dealer; the reserve accounting, the waterfall and the redemption right live entirely in contracts you can read.
Same assets.
Brighter horizons.
Deposit into a Grove, pick your end of the curve, and watch the epoch clock. The reserve does the rest.